HI HB1728

Establishes a nonrefundable tax credit of 20 percent of insurance premium tax for insurers providing full property coverage (100 percent of insurable value) to condominium owners and associations, including windstorm, hurricane, hail, flood, fire, and localized perils coverage.

Provides an additional 10 percent tax credit (30 percent total) for insurers incorporated in Hawaii to incentivize local insurers.

Caps the aggregate amount of all tax credits claimed in any tax year at $50,000.

Allows the tax credit only once per structure regardless of the number of policies written on that structure, and requires insurers to obtain a tax credit certificate from the insurance division before claiming credits.

Applies to taxable years beginning after December 31, 2024.